A court could conceivably order the release of funds, but only in accordance with the annuity's own terms and conditions (absent proof of fraud by the Plan administrator). The point being that you wouldn't ordinarily require a court to release funds for a hardship, because the Plan should have provisions for the release without a court order in the event of an emergency.
That said, you may want to consider the financial cost of what you are contemplating. Let's say you have $50,000 in debt, and $50,000 in the annuity.
If you release the money and pay the debt, you end up with $0.00.
Conversely, if you refuse to release the money and file for bankruptcy instead, you will avoid paying the $50,000 in debt, and you will save the $50,000 in the annuity, because that money is protected from your creditors in bankruptcy.
Thus, filing bankruptcy actually is worth $100,000 more than your contemplated action.
You may be thinking that you want to save your credit record. But, is your credit record really worth $100,000? In about 2 years after you file bankruptcy, your credit will be practically restored. So, you will have spent $50,000 per year for a better credit record.
Seems like a really expensive option to me -- whereas a Chapter 7 bankruptcy will cost you about $2,500.
For a bankruptcy attorney referral, see: http://www.abanet.org/legalservices/lris/directory/main.cfm?id=MA and www.martindale.com.
Hope this helps.
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